They should never of let if go negative then. Speculators should of been out of the market 3 days before delivery. WTI would of cash settled at 0. Those non speculators long CL who were left holding the bag at expiration would have had to take delivery. Paying the costs themselves.
Why should it not go negative? We see negative prices in other energy commodities when there is no storage available. There is no rule that says a commodity should have a $0 floor. Like I said before, if it hits a $0 floor on the exchange, it will just trade negative in OTC markets instead. Why should speculators get some sort of special pricing protection while people the markets were originally intended for are also forced to take delivery? Everyone should get equal treatment in a futures contract.
What would have happened if CME had not posted that notice about CL being now allowed to go negative a few weeks prior. My guess is the price would never have got anywhere close to zero. It changed the psychology of the market and caused panic and forced selling
A retail trader with $77k account should have no business trading CL. Account size often is commensurate with knowledge, experience and trading common sense.
We're just lame retail daytraders or the occasional OPM manager. IB is a broker, that is what they do. So "everyone" doesn't have to know but they should.
Calling yourself an OPM manager doesn't mean much. On Facebook people are calling themselves CEO of some obscure online business. The 95% rule still hold in this thread.
I'm currently trying to get off ET as I think the vast majority of member are part of the 95%. Problem is you can't tell so you have to assume everyone are 95% loser. I don't get much benefits coming here so I think that vast majority of the 5% winner have already left. Coming to ET is a time waster. And I was told the vast majority of mentally ill people are online.
1MM to day trade? Are you so rich and out of touch you don't realize how big a number that is? That's almost as absurd as saying let's raise the age of consent to 50. No thanks.